Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free. While there is no federal tax break for making 529 plan contributions, you may be able to claim one at the state level. Breaking down the 529 tax deduction by state can give you an idea of how you might be able to benefit when saving for college. Need help creating a college savings plan? Get connected with a financial advisor near you to learn more.
Understanding 529 Plan Tax Deductions
Tax deductions are amounts that reduce your taxable income for the year. You can claim both federal and state tax deductions. They’re different from tax credits, which reduce your tax liability on a dollar-for-dollar basis.
Claiming tax deductions can help you to pay less in taxes or garner a bigger refund if you typically get money back at the state or federal level. Some deductions are above-the-line, while others require you to itemize on your tax return. Credits, meanwhile, lower your tax bill.
The federal government offers some tax deductions for education, but a deduction for 529 plan contributions isn’t one of them. You can, however, deduct interest paid to student loans. The American Opportunity Tax Credit and the Lifetime Learning Tax Credit can also be claimed to offset higher education expenses.
529 Tax Deduction by State
Every state offers at least one 529 plan, but states are not required to offer a tax deduction or other tax breaks for education. That being said, a number of states do offer deductions if you’re making contributions to a 529 plan. States can also offer credits or other tax breaks as an incentive to save for college.
Nine states do not have income tax which means they don’t offer a 529 plan deduction. Those states are Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming. California, Hawaii and Kentucky do not offer any type of 529 tax deduction but do assess income tax.
This table breaks down the 529 tax deduction by state.
529 Tax Deductions by State
Alabama
$5,000 single filers; $10,000 joint filers
Alaska
None
Arizona
$2,000 single or head of household; $4,000 joint filers
Arkansas
$5,000 single filers; $10,000 joint filers
California
None
Colorado
Full contribution
Connecticut
$5,000 single filers; $10,000 joint filers
Delaware
$1,000 single filers; $2,000 joint filers
Florida
None
Georgia
$4,000 single filers; $8,000 joint filers
Hawaii
None
Idaho
$6,000 single filers; $12,000 joint filers
Illinois
$10,000 single filers; $20,000 joint filers
Indiana
20% tax credit on contributions (maximum credit $1,500)
Iowa
$3,785 per beneficiary
Kansas
$3,000 single filers; $6,000 joint filers
Kentucky
None
Louisiana
$2,400 single filers; $4,800 joint filers
Maine
Up to $1,000 per beneficiary
Maryland
$2,500 single filers; $5,000 joint filers
Massachusetts
$1,000 single filers; $2,000 joint filers
Michigan
$5,000 single filers; $10,000 joint filers
Minnesota
$1,500 single filers; $3,000 joint filers
Mississippi
$10,000 single filers; $20,000 joint filers
Missouri
$8,000 single filers; $16,000 joint filers
Montana
$3,000 single filers; $6,000 joint filers
Nebraska
$10,000 single filers; $5,000 married filing separately
Nevada
None
New Hampshire
None
New Jersey
$10,000 per taxpayer
New Mexico
Full contribution
New York
$5,000 single filers; $10,000 joint filers
North Carolina
None
North Dakota
$5,000 single filers; $10,000 joint filers
Ohio
Up to $4,000 per beneficiary
Oklahoma
$10,000 single filers; $20,000 joint filers
Oregon
$150 tax credit single filers; $300 tax credit joint filers
Pennsylvania
$17,000 single filers; $34,000 joint filers
Rhode Island
$500 single filers; $1,000 joint filers
South Carolina
Full contribution
South Dakota
None
Tennessee
None
Texas
None
Utah
4.95% tax credit per beneficiary
Vermont
10% credit on up to $2,500 for single filers; $5,000 joint filers (maximum $250 per taxpayer, per beneficiary; VHEIP is the only eligible plan)
Virginia
Up to $4,000 per account
Washington, D.C.
$4,000 single filers; $8,000 joint filers
Washington
None
West Virginia
Full contribution
Wisconsin
$3,860 per beneficiary; $1,930 for divorced parents or those married filing separately
Wyoming
None
Claiming 529 Plan Tax Benefits
To claim a tax deduction or credit for 529 plan contributions, you must live and file taxes in a state that offers these benefits. You must also be eligible to get a tax break, based on your relationship with the account beneficiary.
In most states, any contributor to a 529 plan can claim a tax break, regardless of whether they’re the account owner or not. However, some states limit tax benefits to account owners only. That means grandparents, aunts and uncles or other contributors would be excluded from deducting contributions or claiming tax credits.
The good news is that there are no time limits on claiming education tax benefits associated with a 529 college savings plan if you’re eligible to do so. Unlike Coverdell Education Savings Accounts (ESAs), which require you to withdraw all assets once the beneficiary turns 30, 529 plan money can stay in the account indefinitely. So, as long as you’re making contributions you could still claim a deduction or tax credit if you’re eligible.
Is Contributing to a 529 College Savings Plan Worth It?
Saving money in a 529 plan can be worth it for a few reasons, starting with the laundry list of tax breaks they offer. Contributions grow on a tax-deferred basis, so you’re not having to pay tax on any earnings while the money is in the account. Any qualified withdrawals are tax-free, as long as you use them for eligible higher education expenses. You can also withdraw up to $10,000 without a tax penalty to pay for qualified expenses for grades K-12.
You can open a 529 plan and contribute money to it on behalf of any eligible beneficiary, including yourself or your spouse. Should your beneficiary decide not to go to college or if they don’t use up all of their savings, you could transfer the money to a different beneficiary. And as outlined in the table above, some states offer tax breaks for college savings in the form of deductions or credits.
Aside from those benefits, a 529 plan can offer a better rate of return on your money compared to keeping money in a high-yield savings account or even a CD. They also allow for more flexibility than savings bonds. And while you could tap into an Individual Retirement Account (IRA) to pay for college, that could shortchange your retirement savings and potentially trigger some tax consequences.
The Bottom Line
Getting a head start on college planning can help you to be better prepared when it’s time for your student to head off to school. Saving money in a 529 plan can benefit you at tax time and your money may have more room to grow than it would sitting in a bank account. Reviewing your 529 tax deduction by state can help you figure out how much of an additional tax advantage you might get from saving.
Financial Planning Tips
If you’re ready to start saving for college but you don’t know how to approach it, getting professional advice can help. A financial advisor can walk you through different college savings options so you can choose the one that best fits your needs and situation. Finding a financial advisor doesn’t need to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
When comparing 529 savings plans, remember that you’re not locked into choosing your state’s plan. You could invest in a different state’s plan if you prefer the range of investment options offered or if another plan allows for higher lifetime contribution limits. Keep in mind, however, that your choice of plan may affect your ability to deduct those contributions on your state income tax return.
Rebecca Lake, CEPF®
Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She’s worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children.
Federal Reserve analysts have published a paper describing what they call the Twitter Financial Sentiment Index, or TFSI. The tool aims to gauge how investors and consumers feel by tracking social media posts about finances and credit markets. The Fed stresses that the document’s conclusions are tentative and preliminary.
A financial advisor can help you build a long-term investment plan.
What Is the Twitter Financial Sentiment Index?
The TFSI is a new tool in development by a group of economists at the Federal Reserve. While preliminary and, as the authors stress, still tentative, this tool measures investor sentiment and the consumer marketplace based on information gathered from social media posts.
The research is titled More than Words: Twitter Chatter and Financial Market Sentiment, written by Federal Reserve economists Travis Adams, Andrea Ajello, Diego Silva and Francisco Vazquez-Grande. It’s part of a discussion series run by the Federal Reserve in which economists explore new ideas, so this research doesn’t necessarily reflect the positions of the Federal Reserve or Board of Governors themselves.
In this case, the economists behind the TFSI wanted to explore whether “social media activity [can] carry any meaningful signal on credit and financial markets’ sentiment.” Essentially, when people post about the market online, does this accurately reflect their opinions? And furthermore, can economists pull any useful data from what is, effectively, a massive, real-time survey?
To answer that question, they turned to Twitter. The economists built a real-time sentiment index that pulled more than four million single tweets from 2007 to April 2023, searching specifically for posts that contained words and phrases pulled from financial and market dictionaries. So, for example, their system might flag a tweet with the phrase “bonds” or “assets” to include in the index.
Using a natural language processor, which is software that analyzes text for what the author intended to communicate, the index gives each tweet in its database a positive or negative flag depending on how the post talks about the market. Then, in aggregate, the index produces an overall current sentiment of the market. If most of the recent tweets are talking about the market confidently, the TFSI registers a positive sentiment. If lots of people are tweeting about selling or hoarding cash, the TFSI registers a negative sentiment.
The authors say that this binary approach of positive and negative works better than trying to assess how positive or negative a given tweet seems. Their goal isn’t to judge the strength of an individual poster’s emotions, but rather to judge the overall emotional state of the market at large. And, they say, it appears to work.
What Exactly Does the TFSI Measure?
Among other sources of data, economists rely heavily on surveys and price trends to make predictions and policy assessments. Surveys like the famous University of Michigan Consumer Sentiment Index gather data by directly asking people about their financial situation and choices. Price trends measure the current prices in a market and compare them to historic patterns to make predictions about what will happen next. In both cases, economists effectively look for massive amounts of data from which to pull trends.
The TFSI takes a similar approach. It is, in effect, an always-on survey, in which the authors look for patterns in how people talk about their finances and market issues. As with all matters related to social media, though, the question is whether this information is reliable. When people post on Twitter, does it reflect their true position? According to the economists involved, the answer is yes.
What the TFSI Reveals
“We find,” wrote the authors of the index, “that the Twitter Financial Sentiment Index (TFSI) correlates highly with corporate bond spreads and other price- and survey-based measures of financial conditions.”
The authors also state that they “document that overnight Twitter financial sentiment helps predict next day stock market returns. Most notably, we show that the index contains information that helps forecast changes in the U.S. monetary policy stance: a deterioration in Twitter financial sentiment the day ahead of an FOMC statement release predicts the size of restrictive monetary policy shocks. Finally, we document that sentiment worsens in response to an unexpected tightening of monetary policy.”
Among other correlations, they say, the TFSI has a few key uses.
First, it is quite adept at predicting next-day stock market returns. Strong real-time sentiment tends to correlate with gains in the next 24 hours, while a negative sentiment tends to precede losses. “This fact,” the authors write, “speaks to the ability of tweeted sentiment to reflect information that will later be included in stock prices once U.S. markets open.”
Second, and of more interest to economists, the TFSI “correlates highly with market-based measures of financial sentiment.” This includes indicators like bond and corporate bond spreads, as well as survey-based metrics like the Michigan sentiment index.
Potential Uses of the TFSI
This makes the new index a potentially useful tool for monetary policymaking. Based on how people discuss monetary policy and financial sentiment, the authors suggest that the TFSI can help “predict the size of restrictive monetary policy shocks.” In other words, it can “predict the market reaction around the FOMC statement release. We also find that the TFSI worsens in response to an unexpected tightening in the policy stance.”
Essentially, it can help the U.S. central bank measure how much the economy will slow down after it reduces the money supply (typically by raising interest rates).
Of course, there are limits to even the best tools. The TFSI is a new metric, and as such its results are still preliminary. It remains to be seen whether this will remain a valuable tool, especially once social media posters can access the TFSI itself, which could create a sort of feedback loop where index results begins to influence the index’s underlying data.
And the TFSI is a linear tool. It can signal whether people feel good or bad about the market, and the strength of that general sentiment but doesn’t provide context or lateral details such as whether they feel good about some issues and negative about others.
Still, in its early applications, it looks like the TFSI might have found a use for social media after all.
Bottom Line
Federal Reserve analysts have developed a tool for gauging investor and market sentiment around the bank’s policies and pronouncements. Called the Twitter Financial Sentiment Index, it measures the economy by listening to millions of tweets. According to the paper, the tool “helps predict the size of restrictive monetary policy surprises, while it is uninformative on the size of easing shocks,” when the FOMC eases its federal funds rate.
Investing Tips
A financial advisor can help you build a comprehensive investing plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investors use a wide range of metrics and indices to make their decisions. Whether you’re buying assets that you’ll hold for years to come or looking to make a profit day trading, it’s worth familiarizing yourself with some of the most common, like the Consumer Price Index.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
People inherit less than you might expect. In fact, most people think they’ll inherit far more than they really will.
If you do inherit money, it most likely won’t be subject to federal estate taxes. In 2023, those apply only to estates worth more than $12.92 million. But very few households have that level of wealth and most people inherit nothing at all. Here’s what the inheritance landscape looks like, according to the Federal Reserve’s most recent Survey of Consumer Finances from 2016 to 2019. If you need help with your estate plan or have received an inheritance, consider working with a financial advisor.
Why the Average Inheritance is Misleading
On average, American households inherit $46,200, according to the Federal Reserve data. But this figure is inflated by top-tier wealth and belies the fact that many households inherit no money at all.
Of those that do receive a bequest, most receive a small fraction of the average. The top 1% and 10% of households by wealth receive so much that their estates pull the average up. This creates the impression that many, if not most, households receive a comfortable nest egg. Very few actually do.
While less than a third of all households inherit any money, between 70% and 80% of households receive no inheritance at all.
Average Inheritance By Wealth Level
A consistent reality with inheritance is that almost all households who receive an inheritance expect more than they get. This may have to do with the prominence of estate taxes in the national debate, which creates the impression that inheritance and estates are a matter for ordinary Americans. Here’s a look at how much households with varying levels of wealth inherit.
Top 1%
Average inheritance: $719,000 Expected inheritance: $941,100
Measured by wealth, the top 1% of households receive overwhelmingly more than any other group measured. This is what causes such dramatically skewed data when it comes to measuring averages. This group receives more than four times as much as the next wealthiest cohort.
Next 9%
Average inheritance: $174,200 Expected inheritance: $266,600
The average inheritance for the remainder of the top 10% of households is significantly less than those at the very top but still considerable: $174,200. Then again, these households end up inheriting 35% less money than they expect to receive.
Next 40%
Average inheritance: $45,900 Expected inheritance: $60,100
On average, the next 40% of households receive an inheritance that’s closest to the national average. These households are also the most realistic in their expectations. All other cohorts expect vastly larger inheritances than they will receive. This swath of the population overestimates its inheritances by a relatively modest amount.
Bottom 50%
Average inheritance: $9,700 Expected inheritance: $29,400
A national average of $46,200 does nothing to communicate the fact that about half of all households who do receive an inheritance will get less than $10,000. In fact, this cohort expects to receive nearly three times what they will actually get.
The bottom half of households is the cohort that’s also least likely to receive any inheritance at all. With lower rates of college education and lower earnings, these households should not expect to share wealth among generations.
Do You Have to Pay Taxes on Inheritance?
Chances are that you won’t have to pay any taxes on money or property you inherit. In 2023, the federal estate tax only applies to estates that transfer more than $12.92 million to beneficiaries. Keep in mind that it’s the responsibility of the decedent estate’s to pay this tax, not the person or entity that receives an inheritance.
The tax is only applied to property that exceeds the $12.92 million threshold. So if an estate is worth $13 million, only $800,000 would be subject to the federal estate tax in 2023.
Some states also charge their own estate taxes on top of the federal levy. However, a few states also tax those who receive inheritances. These levies are known as inheritance taxes and the following states have them:
Kentucky
Maryland
Nebraska
New Jersey
Pennsylvania
Iowa*
* Iowa is phasing out its inheritance tax by 2025
Bottom Line
While the average inheritance is $46,200, only a small percentage of households end up actually inheriting money. For households that do receive inheritances, the size of those windfalls can vary greatly for those in the top 1% of households compared to those in the bottom half.
Estate Planning Tips
Many people want to make sure they leave something behind for the next generation. If that’s you, make sure to avoid these five common estate planning mistakes.
A financial advisor with estate planning expertise can help guide you through the sometimes complicated process of building an estate plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
Josh D’Amaro notices chipped paint as he passes by the entrance to the Pirates of the Caribbean ride.
“It bugs me, absolutely bugs me,” he says.
We are walking through Disneyland, and D’Amaro is on the hunt for burned-out lightbulbs, trash on walkways and anything else that can take away from the magic.
But this 52-year-old isn’t just any Disney employee (or “cast member,” as he would note).
D’Amaro is in charge of Disneyland and the 11 other Disney theme parks around the world, plus Disney Cruise Line, a timeshare business, 50 hotels, an adventure tour company and all the merchandise (think: toys, books, games and clothing) The Walt Disney Company produces and licenses globally.
Yet on this June afternoon, the chairman of Disney parks, experiences and products is obsessing over a paint chip on a little-used railing. Doesn’t one of the company’s top executives have better things to do with his time?
“Absolutely not,” he quickly shoots back. “That’s all part of the show.”
D’Amaro is one of the most powerful theme park executives in the world. He has to balance, among other things, keeping the magic and nostalgia of Walt Disney’s vision alive with innovating rides and attractions for a younger tech-savvy generation.
Not to mention, D’Amaro has the difficult task of juggling the conflicting goals of creating profits for shareholders and making a Disney vacation affordable — or, at least, within reach — for families that dream of such a trip.
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Disney parks are, in some ways, the ultimate aspirational trip for kids of all ages. Children dream of visiting, and Super Bowl champions have turned it into a winning catchphrase.
“This is a place for everyone,” D’Amaro says. “When you go walk around, you’ll see people from everywhere, from all walks of life.”
Yet prices keep climbing.
Disney experimented with a “Star Wars”-themed “hotel,” a one-of-a-kind immersive experience that ultimately failed due to its high cost (rates started at $5,000 for two nights). Now, the company is launching a $115,000 private jet tour that takes passengers to all 12 parks around the world, plus the Taj Mahal, the pyramids of Giza and the Eiffel Tower. It’s only open to 75 people.
“We have to have options for guests,” D’Amaro says. “I want to make sure there are as many choices presented to you as simply as they can be. You could stay at a value resort if you choose to, or you could stay at the Grand Floridian or the Grand Californian if you’d like to.”
That choice includes visiting during peak school breaks when prices are higher or on cheaper off-peak dates, though not every family has the flexibility or feels comfortable pulling their kids out of school to enjoy a less expensive ride on Space Mountain.
D’Amaro notes that there are now more days available at the lowest price (about $100 per person per day). Earlier this year, The Walt Disney Company also eliminated self-parking fees for Disney World hotel guests, a 4-year-old charge that angered many Disney fans. It represented the beginning of a multiyear era that removed some previous inclusions, such as the Magical Express bus and MagicBands, and saw the addition of new add-on charges like Genie+ and Lightning Lanes.
Related: Disney World making changes to simplify visits and bringing back a fan-favorite perk
It’s a balancing act, D’Amaro acknowledges. If the price is too low, lines will be unbearable, souring the experience for all. But if it is too high, the parks become inaccessible for a large share of the population.
“I’ll repeat the same thing I said before: We don’t always get it right,” he notes.
That led me to ask about Star Wars: Galactic Starcruiser, Disney’s attempt to turn a themed hotel into an immersive “Star Wars” drama with actors, battles and adventures that brought guests into the story and experience.
D’Amaro said he’s always pushing the park designers (known as Imagineers) to take risks and not be afraid to try something new.
“Raise the bar. Try things that the guests aren’t even asking for because they don’t know to ask for that,” he says. “I know not everything’s going to work. What did work, though, is we took creativity and storytelling to a completely new level, to a level that had never existed before. … It didn’t work commercially. And so, when we realized that, you just make a call and move on.”
So, what will become of the hotel after the last guests check out in September?
“No hints yet,” D’Amaro says, smiling, “but something will happen.”
There are few people as close to Disney’s evolution as D’Amaro.
For the past 25 years, he’s been working in the parks, starting with a team at Disneyland that planned out park operations.
“On day one, I sat in a meeting with probably 14 people and I could not believe what was happening in front of me,” he recalls. “These people, cast members, were talking about the most granular details on Main Street. Where should the trash bins go? What if we moved this from here to there, which way do we think the guests are going to go? The pain and the detail and the concern that the people in that room were taking … is burned in my memory.”
He eventually rose to become president of California’s Disneyland Resort, where he opened the wildly popular Star Wars: Galaxy’s Edge land before moving on to become president of Walt Disney World Resort in Florida in 2019.
Then, in 2020, Bob Chapek, who was the chairman of parks and resorts, was promoted to CEO of the entire Walt Disney Company, opening up the opportunity for D’Amaro to become the one responsible for overseeing the entire parks and experiences empire.
Chapek’s tenure as CEO didn’t last long, and Bob Iger came out of retirement in late 2022 to once again take the helm. But given Chapek’s rise from chairman of parks to CEO, it isn’t all that surprising to learn that D’Amaro’s name has been floated as Iger’s replacement when he steps down for good. If that happens, many Disney fans will likely be pleased, as they are already familiar with D’Amaro. In fact, he’s a bit of a celebrity when he’s in the parks.
As we walked through Disneyland on a Friday afternoon, people would scream out his name: “Josh! Josh! Can I get a photo please?”
And it wasn’t just one fan. It was dozens, all within minutes, including a couple from Louisiana spending five nights of their honeymoon at the California resort.
“You’re a celebrity to me, actually,” the newly married man said. “It’s nice to meet you.”
A few paces later, a middle-aged woman getting a selfie told him, “This is a big day for a Disney adult.”
It was almost like Anna and Elsa were strolling the parks in terms of excited fans making requests for photos. (For the record, D’Amaro’s three favorite characters are Mickey, Goofy and Buzz Lightyear, while his favorite villain is Maleficent.)
“I don’t love the recognition for the sake of the recognition,” he says. “I love the fact that people will come up and talk to me and tell me what they love and tell me when their family first came here and tell me what they would love to see change.”
For some politicians, Disney doesn’t warrant the same reaction. To them, Disney has become the villain in America’s fairy tale.
Around the globe, guests can stroll Main Street, U.S.A., Walt Disney’s sanitized vision of what a small town should look like — a place where a band still plays “God Bless America” in the afternoon.
Yet Disney, as a company, has thousands of employees and millions of consumers who care about modern-day issues and don’t want executives frozen in some idealized past vision of America.
Most notably, Disney has clashed with some Florida Republicans over a new law restricting classroom instruction about sexual orientation and gender identity, a measure dubbed “Don’t Say Gay” by its opponents. The company also battled California officials over when to reopen the parks amid the COVID-19 pandemic. Add to that the politics and challenges of operating parks in China during the past few years, and it’s safe to say that D’Amaro’s job of keeping sometimes conflicting groups happy isn’t easy.
D’Amaro acknowledges the political struggles but says he tells his team to just focus on what they do best.
“That is telling incredible stories, continuing to innovate and making sure that every one of these guests out here have a great time when they’re in our theme parks,” he says.
Sometimes, those debates spill over to the parks themselves.
Disney recently shut down Splash Mountain, a water ride that featured characters from the 1946 film “Song of the South,” which has been criticized for its racist themes. The ride will be reopened as Tiana’s Bayou Adventure, a ride based around Disney’s first Black princess.
Related: These are the best rides at Disneyland
While many praised the change, there were plenty of critics, some accusing Disney of being “woke.”
“I think that as guests have points of view on what we might do inside of the theme park, changing an attraction or changing a walkway, what that says to me is: People care about our product,” D’Amaro says. “What am I going to do? I’m going to listen and make sure that I do the best for all the guests that I possibly can.”
Almost on cue, a mom with an 8-year-old daughter approaches D’Amaro. Her daughter has never been on Big Thunder Mountain Railroad. They have a Lightning Lane pass to skip the line, but the girl is frightened.
“I’ll tell you what’s going to happen,” D’Amaro tells the girl. “You’re going to finish it up. You’re going to be laughing and you’re going to say: ‘I can’t believe I was worried about going on that.’ You’re going to tell all your friends, and you’re going to look cool. I would do it.”
They pose for a photo, then the mom says, “He makes this park amazing. He’s the reason why.”
The walk continues on, and the conversation shifts to hidden Mickeys (abstract circles that look like the famous mouse hidden in plain sight) and other more hush-hush aspects of the parks.
Naturally, I ask if he has ever been questioned about and revealed the locations of the park’s secret tunnels.
“Yes,” D’Amaro says. “And I don’t tell them.”
Then, we entered the land D’Amaro opened as Disneyland president. He recalls watching the first guests come into Star Wars: Galaxy’s Edge on opening day. Kids were running around, and 50-year-old men were crying.
Before long, he hints at another park secret.
“When we opened this land and before everything was kind of sealed up and ready to go,” he says, pausing and smiling, “I had a chance to get out here and do some fun things that I think will go down — maybe — someday in history.”
Then, like the great show master that he is, D’Amaro moves the conversation on, not offering up any more details about his own contribution to the “Star Wars” universe.
Much of the modern-day Disney empire developed well after Walt Disney’s death in 1966.
The first “Star Wars” movie wouldn’t hit theaters for another decade. Disney World wouldn’t even open for five additional years. Yet Walt Disney’s force, attention to detail and belief that nothing is ever truly finished are still very much felt in the parks today, especially with executives like D’Amaro focusing with Walt-like attention on the small details, like ensuring that paint isn’t chipped.
So, what would Walt think about the “Star Wars” campus?
“I think he’d be pretty proud. I think he would actually be pretty amazed at the evolution of storytelling,” D’Amaro said. “I don’t think he could have ever imagined it was this, but at its core, we’re doing the same thing he wanted to do. We could just do it so much more effectively now.”
Your employer technically will always know when you borrow money from your 401(k). One of the tricky parts about managing a 401(k) loan is that, even though this money belongs to you, your employer can set terms and conditions around taking the loan. The employer may even disallow loans completely. Here’s how 401(k) loans work and what you should keep in mind if you’re thinking about taking one. A financial advisor can help guide you through the process of taking a 401(k) loan or recommend alternatives.
What Is a 401(k) Loan?
A 401(k) is a tax-advantaged retirement account that your employer provides. Money is deducted from your paycheck and saved in the account on a pretax basis. This lets you invest a full dollar for every dollar you earn, unlike the rest of your income on which you pay taxes and only keep a portion of those earnings.
This tax-advantaged status means that you ordinarily cannot sell assets and withdraw money from your 401(k) until you near retirement age or meet the qualifying criteria for a hardship withdrawal. If you do, the IRS will require you to pay the taxes you would have paid on the income you invested along with a 10% early withdrawal penalty.
If your 401(k) provider allows it, you can borrow money from the account with a 401(k) loan. Unlike a hardship withdrawal, you must repay this money back into the portfolio. If you make regular payments and repay the money on time, often within five years, you do not have to pay any taxes or penalties on the loan. But if you fail to repay the loan on time, the IRS will consider it an early distribution and you’ll owe taxes and penalties on the money you borrowed.
A 401(k) loan can be a good way to solve pressing financial problems, such as unexpected job loss or a sudden emergency. While it’s sometimes referred to as an interest-free loan from yourself, this is not accurate. When you take money from your 401(k) you lose out on any growth that this money would have had during the loan period. This is a real loss, one that grows the longer you take to put the money back in.
Your Employer and a 401(k) Loan
The rules governing 401(k) loans aren’t universal – they can vary from plan to plan, employer to employer. Unlike hardship withdrawals, which are generally defined and governed by the IRS, the terms of 401(k) loans are set by your employer when the program is established.
This means that your employer can decide:
If their 401(k) program will allow loans at all;
If their 401(k) program will allow loans freely, or only under certain conditions;
If there are conditions, what those conditions are;
The maximum amount of a loan (up to 50% of the account’s value);
Some repayment terms
As part of running and managing the 401(k) program, your employer will have an officer or agent who monitors all contributions, withdrawals and other aspects of the plan. This person is known as the “record keeper.” He or she may be an employee of the company or work for an external firm that the company hires to run the 401(k) program on its behalf.
On an institutional level, your employer has access to these records. This means that every withdrawal from an employee 401(k), including loans and hardship withdrawals, can be known by certain company employees.
However, it’s important to note that this does not mean your immediate supervisor or any specific colleagues will have access to this information. The details of a 401(k) plan are generally considered confidential financial information, so it’s likely that your company will have rules around who can see those records. The smaller your firm, the more likely it is that a close colleague will have access to 401(k) records. At a larger company, though, it’s likely that only finance or human resources personnel, along with upper management, will have the right to see those records.
In either case, the answer is the same though. Yes, your employer as an institution will know if you take out a loan from your 401(k) portfolio. However, that information is not necessarily available to any specific colleague.
Bottom Line
Your employer sets the rules for taking loans out of its 401(k) program, which means that as an institution certain employees will have the ability to know every withdrawal and loan that someone makes. However, that does not mean that any individual manager or coworker will have access to this information.
Retirement Savings Tips
Keep the IRS contribution limits in mind each year and max out your retirement accounts when you can. If you have a 401(k), 403(b) or 457 plan, you can contribute up to $22,500 to your account in 2023, plus another $7,500 if you’re 50 or older. You can save another $6,500 in an IRA ($7,500 if you’re 50 or older).
A financial advisor can help you build a comprehensive retirement plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
Inside: Are you looking for a remote job? This guide will help you find the best remote jobs for college students, with information on industries, pay, hours, and more.
The internet has made it possible to work from anywhere in the world.
This is great news for college students who want to earn some money while they study.
Back when I was in college, working remotely wasn’t even considered a possibility. But, now, there are a number of online jobs available that are perfect for college students.
In addition, remote jobs are one of the best ways for college students to make money and gain experience.
With a remote job, you can work from anywhere in the world, which is perfect for students who want to travel or live at home with their parents while transitioning to and from a college campus.
There are many different types of remote jobs available, so there is sure to be something that suits your skillset and interests.
In this article, we will explore the best remote jobs for college students.
How can a college student make money remotely?
Remote work has become increasingly popular among college students and for good reason.
Many students today have grown up with technology and possess the skills necessary to excel in remote jobs.
Not only does remote work provide a flexible schedule that can be easily adjusted to accommodate class schedules, but it also offers numerous benefits such as the ability to work from anywhere, reduced transportation costs, and the opportunity to contribute to environmental sustainability by reducing carbon emissions.
Additionally, remote work allows students to earn extra income, potentially reducing their reliance on student loans and minimizing post-graduation debt.
Can I work remotely in college?
Yes! Working remotely in college can be a great way to earn some extra money and gain some work experience.
Remote work has gained immense popularity across the globe, with its adoption nearly doubling since the pandemic.
As college students, you often possess the necessary tools for remote work, such as a laptop, making it a convenient option for them.
This is a great idea if you are looking at how to pay for college without loans.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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The 15 best remote jobs for college students
Working remotely is a great way for college students to earn money and gain experience in their chosen field.
Whether you are looking for a way to make some extra money, or maybe you need a flexible job that will fit around your studies. Whatever the reason, there are plenty of remote jobs out there that could be perfect for you.
Also, you can review these non phone work from home jobs for more ideas.
Here are 15 of the best remote jobs for college students.
1. Virtual Assistant
A virtual assistant is one of the best remote jobs for college students due to its versatility and learning opportunities. Plus there are plenty of virtual assistant jobs with no experience out there.
As the demand for remote administrative support services continues to grow, virtual assistants play a crucial role in helping companies and individuals with various tasks. Working from a remote location, virtual assistants provide administrative assistance by handling phone calls, scheduling appointments, managing emails, and more.
By finding a position as a virtual assistant in their desired industry or with a respected professional, students can make their side hustle more beneficial to their future.
Benefits:
Provides an opportunity to gain professional experience and develop essential skills such as communication, time management, and resourcefulness.
Requires quick thinking and the ability to switch between diverse tasks, which enhances cognitive flexibility and adaptability.
Allows students to learn about different industries and gain insights into their chosen career paths.
Pay: Most virtual assistants average about $20 an hour.
2. Online Tutor
Online tutoring is widely regarded as one of the best remote jobs for college students. With its flexibility and convenience, it offers students the opportunity to work from anywhere at their own pace.
Whether they excel in a specific subject or want to gain teaching experience, online tutoring provides a platform for college students to share their knowledge and help others succeed academically.
Benefits:
A high degree of flexibility it offers.
Freedom to choose their own hours, instruction topics, and the number of students they want to work with.
Balance their tutoring responsibilities with their academic commitments, ensuring they can effectively manage their time.
Pay: Although the reported median hourly wage for tutors was $17 an hour. The actual pay can vary depending on factors such as the subject being taught, the level of expertise required, and the platform through which tutoring is conducted.
3. Proofreader
Proofreading is a crucial role in the final stages of the written content production process, making it one of the best remote jobs for college students. A proofreader possesses a keen eye for detail and a strong command of the language, allowing them to identify and rectify errors that may have eluded the writer or editor.
They play a vital role in ensuring the accuracy, clarity, and coherence of written materials across various industries.
Benefits:
Offer the flexibility to work from anywhere, making it ideal for college students who need to balance their studies with work.
Enhances skill development such as language skills, attention to detail, and critical thinking abilities, which are valuable in various fields.
Networking opportunities to build professional connections and expand one’s network.
Pay: The average pay for proofreading jobs is $22 per hour, providing college students with a valuable source of income.
4. Social Media Manager
In today’s digital world, social media has become an essential tool for businesses to connect with their target audience, build brand awareness, and drive engagement. With the increasing importance of social media, businesses are in need of skilled professionals who can effectively manage their social media presence.
This makes the role of a social media manager one of the best remote jobs for college students, providing them with the opportunity to earn money while gaining practical experience in online promotion.
Benefits:
Enjoy being paid to be on your favorite social media apps.
Ideal remote job for college students due to its flexibility.
Gain practical experience in online promotion, which can be valuable for those studying marketing, journalism, or communications. Benefits:
Pay: The pay for social media management can vary significantly, but you can expect $15 an hour to $25 an hour.
5. Freelance Writer
Remote writing jobs are an excellent option for college students looking to earn extra income while honing their writing skills.
As writers, college students have the opportunity to create a wide range of written materials that can be distributed through various channels, such as articles, blogs, website copy, and more.
The demand for remote freelance writers is high, making it a popular choice among college students seeking flexible work options.
Benefits:
Freelancers can work on short and long-term projects.
As long as you have a computer and internet connection, you can work from anywhere.
Showcase writing skills and earn income.
Pay: The pay for freelance writers is by the word (.01-$1.50 per word). With most freelance writers averaging about $29 an hour.
6. Social media influencer
Social media influencers have become a prominent and lucrative career option in today’s digital age.
For college students, becoming a social media influencer can be an excellent remote job opportunity that allows them to leverage their online presence and pursue their passions while earning money.
To stand out as a social media influencer, it’s essential to create content that is visually appealing and captures the attention of your audience. Experiment with different types of content, such as photos, videos, stories, and live streams, to keep your followers engaged.
Benefits:
Be creative, and authentic, and share valuable information or entertainment that aligns with your niche.
Foster a sense of community.
Monetize your social media presence with sponsored posts, brand partnerships, and affiliate marketing.
Offers flexible working hours, allowing you to manage your studies and other commitments effectively.
Provides opportunities for personal branding and networking, which can open doors to other remote job opportunities in the future.
Pay: Potential for high earnings. This is more passive income than an hourly job.
7. Website or App Tester
Website and app testing is a highly sought-after remote job option for college students due to its flexibility and the opportunity to gain valuable experience in the tech industry.
As designers and developers strive to create the best user experience possible, they often hire individuals to find bugs and issues in their websites and apps. The role of a website or app tester is crucial in ensuring the functionality and usability of these digital platforms.
This feedback is invaluable for designers and developers as it allows them to make necessary improvements and optimize the performance of their websites and apps.
Benefits:
Excellent opportunity for college students to develop and showcase their skills in a professional setting.
Gain practical experience in the tech industry while balancing their academic commitments.
The flexible hours offered by these remote positions allow students to work at their own pace and manage their time effectively.
Pay: Platforms like UserTesting offer a payment of $10 per website tested. You can also find remote hourly wages ranging from $12 an hour to $16 an hour, with potential bonuses based on quality and productivity goals.
8. Video Editing
With the increasing demand for video content across various platforms, video editors play a crucial role in creating engaging and impactful visuals. This profession offers the opportunity to work from anywhere, making it ideal for college students who may have limited availability or prefer a flexible work schedule.
By adhering to the overall video brand messaging strategy, you can shape the final product and captivate the audience. This creative aspect of video editing allows college students to explore their artistic talents and develop their skills in storytelling and visual communication.
Benefits:
One of the key advantages of video editing as a remote job is the ability to work from any location.
Provides a platform for creative expression.
Video editing is a profession that is in high demand.
This high demand translates to a wide range of job opportunities and the potential for steady work, even for college students.
Pay: When it comes to money, beginner video editors can typically charge up to $45 an hour. However, it’s worth noting that rates can vary depending on factors such as experience, the complexity of the project, and client’s budget.
As college students gain more experience and build a strong portfolio, they can potentially increase their rates and earn a higher income from video editing projects.
9. Remote Research Assistant:
Many professors and researchers hire remote research assistants to help with data collection, literature reviews, and other research tasks. This type of job requires strong research and analytical skills, as well as the ability to work independently.
As a research assistant, you will have the opportunity to delve deeper into a specific subject or area of interest.
This can be particularly beneficial if you are considering pursuing further education or a career in that field. By immersing yourself in research projects, you will gain a comprehensive understanding of the topic and develop expertise that can set you apart from others.
Benefits:
Opportunity to work closely with experienced researchers and professionals in your field of interest.
Gain valuable insights, knowledge, and skills that can enhance your academic and professional development.
Learn research methodologies, data analysis techniques, and critical thinking skills that are highly transferable to future career opportunities.
Hands-on experience in conducting research projects.
Build a network of professional contacts in your field.
Depending on the nature of the research projects you are involved in, there may be opportunities to contribute to academic publications or presentations. This can be a significant achievement that adds to your academic portfolio and demonstrates your research skills to potential employers or graduate school admissions committees.
Pay: Compensation for remote research assistant positions varies depending on the project and the level of responsibility. This is a great way to be paid to go to school.
10. Audio Transcription
Audio transcription is a popular remote job for college students that involves listening to audio files and accurately transcribing the spoken content into written form. Additionally, it provides an opportunity to develop valuable skills such as speed and accuracy in typing, excellent listening skills, and efficient time management.
Determine the type of transcription work you want to specialize in, such as technical legal transcription or educational podcast transcription. This will help you target specific clients and tailor your skills accordingly.
Benefits:
Offers flexibility in terms of scheduling, allowing students to work around their classes and other commitments.
Opportunity to develop valuable skills such as listening, typing, and time management, which can be beneficial in various professional settings.
Create a portfolio showcasing your transcription skills and experiences.
Pay: Transcription can be a well-paying job, with freelancing gigs offering up to $0.36 per minute of transcribed audio.
11. Data Entry
Data entry is a popular remote job option for college students due to its flexibility and convenience.
This role involves managing electronic data by entering and updating information in computer systems. It is a job that can easily be done remotely, allowing students to work from the comfort of their own homes or dorm rooms.
However, it is important to be cautious when seeking data entry jobs online to avoid scams.
Benefits:
Minimal specialized skills are required.
Data entry skills can also be beneficial for future career opportunities.
Employers often value individuals with data entry skills, as it showcases their ability to handle and organize large amounts of information accurately and efficiently.
Valuable experience in working with digital documents and databases.
Pay: The average pay for data entry is $18 an hour.
12. Virtual Recruiter
A virtual recruiter is a professional who is responsible for posting online job advertisements and searching for potential candidates to fill various positions.
This remote job opportunity can be particularly beneficial for college students as it offers flexibility in terms of working hours and allows them to gain valuable experience in the field of recruitment while still pursuing their education.
Benefits:
Collaborating with hiring managers and clients to understand their specific requirements and preferences for potential candidates.
This role provides hands-on experience in recruitment, which can be beneficial for your future career in HR or related fields.
Building relationships with candidates, hiring managers, and clients can expand your professional network and open doors for future opportunities.
Pay: The average pay for virtual recruiters is around $20 to $30 per hour, providing the potential for a lucrative income.
13. Blogger
College students can create their own blogs and build an audience by regularly posting content in a unique niche.
While this may not be the easiest route to make money fast, it provides an opportunity to showcase writing skills and develop a cohesive writing style. Once a blog gains a solid stream of visitors, it can be monetized through ads and affiliate links.
However, you will be starting a small online business which has its perks.
Benefits:
This is 100% passive income.
Works as much as you want or as little as you want on your site.
A simple way to help your readers while making money.
Your site can grow as you graduate college until you decide to sell it.
Pay: Various based on traffic and monetization. But it is an easy way to invest $100 to make $1000.
14. Course Creator
As a course creator, you have the chance to teach others about a topic or course that you are passionate about while earning a steady passive income. This job allows you to create online tutorials or how-to videos to educate and engage students from all over the world.
You will be responsible for creating and managing the content on your website and other online platforms. This includes developing blog posts, videos, podcasts, and other educational materials to enhance the learning experience for your students.
Make use of hosting platforms like Thinkific, Teachable, or Kajabi to facilitate easy access to course-related information for your students. These platforms offer features such as course management, student progress tracking, and payment processing, making it convenient for both you and your students.
Benefits:
Opportunity to earn a steady income while pursuing your passion and sharing your knowledge with others.
Working remotely offers flexibility in terms of working hours, allowing students to manage their time effectively and balance their studies with their job.
Gain valuable experience in content creation, marketing, and online teaching, which can greatly enhance their resume for future career opportunities.
Pay: This is a passive income job where you will put the work in upfront and have less ongoing maintenance to run your course.
15. Stock Trader
Stock trading is a lucrative and dynamic field that offers college students the opportunity to work remotely and earn a substantial income. With the rise of online trading platforms and the increasing popularity of investing, stock trading has become a highly sought-after skill in today’s market.
Honestly, I know more and more high school students waiting to turn 18, so they can start life as a stock traders.
As a stock trader, you will be responsible for buying and selling stocks, bonds, and other financial instruments for your own portfolio. This role requires a combination of analytical skills, market knowledge, and the ability to make quick decisions under pressure.
Continuous learning and staying updated on market trends and strategies are crucial to staying competitive in this field. I highly recommend taking the Trade and Travel course to learn the basics of stock market investing.
Successful traders can earn substantial profits, but it is important to note that trading also involves the risk of financial losses.
Benefits:
Stock traders have the potential to earn significant income through their trading activities. Learn how fast you can make money in stocks.
Flexibility to trade before class and work from anywhere with an internet connection.
Opportunity to work independently and be your own boss, setting your own schedule and goals.
However, it is important to acknowledge the challenges that come with being a stock trader. The stock market is highly volatile and unpredictable, requiring constant monitoring and adaptation to changing market conditions.
Pay: Various significantly with your profit /loss ratio. But, a great way to make $1000 a day.
16. Customer Service Agents
Customer service agent remote jobs are a great option for college students looking to gain work experience while studying. These jobs allow students to provide excellent customer service from the comfort of their own homes, offering flexibility and convenience.
Remote customer service agents interact with customers through various communication methods such as phone, chat, and email. They answer customer questions, solve problems, and direct customers to the appropriate resources when needed. These jobs can be done part-time, making them ideal for students with busy schedules.
Benefits:
Require little experience or education.
Develop valuable skills such as communication, problem-solving, and time management.
Showcase their communication skills to future employers, which is a highly desirable quality in any job.
Pay: Earnings can range from $10 to $25 per hour, depending on the role and experience.
17. Photography
Photography is a form of artistic expression that allows college students to showcase their creativity.
You can experiment with different styles, compositions, and subjects to capture unique and visually appealing images. This creative aspect of photography can be fulfilling and enjoyable for college students who have a passion for visual arts.
Benefits:
Choose when and where to take photos, giving them the freedom to balance their academic and personal lives effectively.
Build a portfolio of their best work. A strong portfolio can open doors to more significant opportunities in the future, such as exhibitions, collaborations, or even full-time photography careers.
Earn income while honing their skills in product, stock, or event photography.
When stock images are licensed, earn passive income from the sales.
Pay: When it comes to pay, the average rate for a photographer is $24 per hour. However, it’s important to note that pay can vary depending on factors such as experience, location, and the type of photography gig.
18. Virtual Internships
Virtual internships provide valuable work experience and allow you to gain industry-specific skills while working remotely. Many companies offer virtual internships in fields like marketing, finance, and technology.
Having an internship in the field you want to pursue is an invaluable opportunity to gain practical experience and enhance your career prospects.
Additionally, virtual internships can provide you with a unique perspective on the field you want to pursue (and if you still want to pursue it).
Benefits:
Gain relevant work experience in your desired career field.
Practical experience will not only enhance your understanding of the industry but also demonstrate your competence and dedication to potential employers.
Greatly strengthen your resume.
Build a network of contacts in your desired field.
Pay: These internships may be paid or unpaid, but the experience and connections you gain can be invaluable for your future career.
Looking for Online Summer Job?
There are a plethora of online summer temporary jobs available for college students. You just have to decide what is interesting for you to do.
Also, think about ways you can build your resume for future employment after graduation.
If I could go back to college, I would focus on learning how to make your money work for you. That is one of the best life skills you can truly understand.
This list above has plenty of options for you to consider.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
FAQ
Many colleges and universities have career centers or job boards that specifically cater to remote job opportunities for college students.
Networking is crucial for college students when it comes to finding remote job opportunities. Reach out to your professors, classmates, and alumni who may have connections or knowledge of job opportunities.
This is smart if you want to know how to move out at 18.
Remote work requires a unique set of skills that allow individuals to effectively perform their job duties from a distance. In order to succeed in a remote job, college students should possess the following skills:
Time management: Remote work often provides flexibility in terms of scheduling, but it also requires individuals to manage their time effectively. College students need to be able to prioritize tasks, set deadlines, and stay organized to ensure they meet their work obligations.
Communication skills: Since remote work involves limited face-to-face interaction, strong communication skills are essential. College students should be able to effectively communicate through various channels such as email, instant messaging, and video conferencing.
Self-motivation: Working remotely requires a high level of self-discipline and motivation. College students need to be able to stay focused and productive without direct supervision. They should have the ability to set goals, stay on track, and meet deadlines without constant oversight.
Adaptability: Remote work often involves working with different tools, technologies, and platforms. College students should be adaptable and willing to learn new software or applications that are necessary for their role.
Problem-solving: Remote work may present unique challenges and obstacles that require critical thinking and problem-solving skills. College students should be able to analyze situations, identify potential issues, and come up with innovative solutions. This skill is particularly important when faced with technical difficulties or communication issues.
By honing these skills, college students can position themselves as valuable assets to remote employers and increase their chances of securing remote job opportunities.
When you’re applying for remote jobs, most of the time your potential employer will want to see some kind of portfolio that showcases your skills and experience.
You can create a portfolio by using a free online portfolio builder or by creating your own website.
With a visually appealing and user-friendly portfolio, you can make a lasting impression and increase your chances of landing your dream remote job.
Which Online Jobs for College Students Are Interesting To You?
There are a lot of great remote jobs for college students out there!
With a little bit of research, you can find the perfect job for your skills and interests.
Be sure to consider the pay, hours, and industry when you are looking for a remote job as well as career advancement.
For many students, working in college is a must! Because you know how to pay for college without parents is hard.
So, use these ideas to find the right job for you whether it is part-time or full-time.
And if all else fails, check out this list of low-stress jobs that pay well without a degree.
Know someone else that needs this, too? Then, please share!!
On Google Earth it looks like a stunning opportunity: six acres of vacant land surrounded by single-family homes in a West Valley neighborhood.
After being abandoned to shoulder-high weeds for nearly a decade, the former elementary school site in Woodland Hills is now a target for development.
But it’s not being scoped out for million-dollar homes like those around it. Instead, a group of prominent civic leaders has identified the parcel as a prime location for shelter or housing for homeless people.
It’s on a list commissioned by the Committee for Greater L.A. to prod City Hall to use surplus government land for homeless housing.
“If you talked to people in the city … they will argue that it is a myth, that all the land that is available is really not appropriate for this use,” said Miguel Santana, chairman of the committee, which is made up of leaders in philanthropy, business and government.
In releasing a database of 126 proposed sites online, the committee sought to keep up pressure on Mayor Karen Bass to follow through on her campaign pledge to build 1,000 beds on public land in her first year in office.
The study‘s authors said they identified more than enough usable parcels to support 1,000 beds of shelter and permanent housing, and proposed a timeline to produce the housing within six months.
Bass has acknowledged the committee’s work but said she has her own list of properties and her own timeline. And the timeline is longer.
In an open letter, Bass, whose third executive order required the city administrative officer to compile an inventory of city-owned land suitable for housing, said her staff is poring over a list of more than 3,300 parcels and has had preliminary discussions with City Council members to gauge their reaction to specific sites.
She said they have identified sites to accommodate 500 interim housing beds and have submitted them to the state to be part of Gov. Gavin Newsom’s emergency small-homes program. If approved, she said, they could be built by July 2024.
But Bass said she wants to rethink the city’s approach to permanent housing on its lands to develop a “bigger and bolder” program. She set a goal of January 2025 to come up with standards for identifying suitable land, community engagement strategies, provisions for infrastructure investments, new financing methods and innovative approaches to construction.
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“My focus over the remainder of my first term in office will be to make the disposition and development of City owned land faster, cheaper, and more streamlined, and to innovate in the financing and delivery of affordable housing without reliance on traditional subsidy methods,” Bass wrote.
While working primarily from the city’s own list, Bass said, she will use the committee’s study to advance her goal of incorporating surplus land owned by regional and state agencies.
The study, conducted by the nonprofit Center for Pacific Urbanism, analyzed variables including slope, zoning and proximity to utilities to winnow down 65,000 parcels owned by city, county, state, federal and other agencies such as Metro and the Los Angeles Unified School District.
Dario Rodman-Alvarez, an architect whose firm Pacific Urbanism founded the nonprofit, said he and his staff then reviewed each of the nearly 2,900 survivors to verify that it would be suitable for a model development consisting of 36 units interspersed with community gardens.
From those, they hand-picked 121 to give officials “enough options to make decisions but not be overwhelmed by the sheer number of options.”
A Times spot check of sites on that list, however, showed how frequently political impediments can confound even the best analysis.
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The former Oso Elementary property in the West Valley, for example, has long been a point of community contention. Residents of the area, called Carlton Terrace, said that they want something done with the eyesore — most suggested a park — but that homeless housing would be unacceptable.
“It’s never going to happen,” said Darryl Lutz, a 20-year resident across from one corner of the vacant land. “The homeowners here are heavily involved in local government.”
Joyce Norman, an emergency room physician, said she would not oppose a shelter except that she doubted it would come with adequate services, especially transportation. The nearest shopping is downhill a half-mile away.
“If I were a homeless person, I would want to live near a street with stores,” she said.
Not to mention, the Los Angeles Unified School District may have its own plans for the property. It was included in a 2020 proposal to evaluate 10 properties for development as housing for district employees.
A district spokesperson would not give an update on that proposal, instead providing a statement that the district “is currently evaluating our underutilized properties to help develop a plan that most effectively addresses the needs of our district and the communities that we serve.”
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To sidestep possible roadblocks caused by differing governmental agendas, the committee study identified 46 sites, all owned by the city, as highest priority.
But those were not free of roadblocks either.
One — 2.1 acres of vacant land in Sylmar surrounded by a neighborhood of single-family homes, condos and apartments — is already slated for affordable housing, but the first developer chosen by the city backed out, and the Los Angeles Housing Department is again preparing a request for proposals.
“We have been working urgently to ensure this property is used for housing and are exploring options for the best site use with the least amount of downtime possible,” Councilwoman Monica Rodriguez said.
That’s the bureaucratic maze that Bass must cut through.
Her program will not only identify sites but also hand them to developers ready to go, said Jenna Hornstock, Bass’ housing deputy.
“So rather than put out these sites and say, ‘Now go out and entitle them and compete for money,’ it’s, ‘Here’s the site. We either have entitlement or a path to entitlement and here is a financing plan that we will commit to,’ ” Hornstock said.
The idea of using surplus government land to speed up and lower the cost of homeless housing goes back to 2016 when committee Chairman Santana, who was then the city administrative officer, included it in an ambitious plan to address homelessness.
Santana’s office examined more than 500 city-owned properties that found 129 sites potentially large enough and in suitable zones for homeless housing. All but 10 were city-owned parking lots.
Few of them worked out.
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When then-City Controller Ron Galperin reviewed the topic in a 2022 report critical of the city’s “fragmented” management of surplus land, he found that 11 of the city’s bridge home shelters and 16 projects in development under the city’s $1.2-billion HHH housing bond were on city-owned land.
Bass, in her letter, said 14 more are in design or negotiation, but concurred that it was not enough.
Galperin highlighted 26 city-owned properties that he considered suitable for shelter projects, either bridge housing, safe parking, safe sleeping villages or tiny home villages. But like the earlier study, it was heavily weighted with parking lots.
Public parking lots, which also make up slightly more than half of the committee’s priority list, are often problematic because they serve local businesses and generate revenue for the city.
One parking lot on the list is in the business core of Leimert Park. Converting it to housing would only exacerbate a lack of adequate parking in the “Mecca of Black culture in Los Angeles,” a spokesman for Councilwoman Heather Hutt said in an email reply to The Times.
“Councilwoman Hutt cannot support homeless housing on these parking lots because the community will never support it,” the statement said. “The residents have demonstrated a strong commitment to preserving the authenticity and character of Leimert Park, and the parking lots serve that authenticity and character.”
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At the other extreme, a city parking lot on 87th Street a block east of Broadway has no current value to the depressed business district where several vacant lots and abandoned buildings are owned by an investor who has held them since the 1990s and rebuffed all suitors.
Councilmember Marqueece Harris-Dawson, who said he rejected all the other sites the mayor suggested, would like to put housing on that lot, and another one west of Broadway, but only if the city would seize the adjacent privately owned properties to provide space for more units.
After years of unsuccessful overtures to the property owners, Harris-Dawson said he is ready to reconsider the city’s long-standing reluctance to use eminent domain.
“You could make a village there,” he said.
With a district dotted with privately owned vacant lots, Harris-Dawson said he thinks there are far more appropriate options than the few government parcels.
The Pacific Urbanism study acknowledged the potential of privately held land and included five examples, including the parking lot at Hebrew Union College and the expanse of parking around Dodger Stadium.
Some organizations, such as churches, may be open to using their land for purposes that align with their mission, it said, but made no mention of eminent domain.
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“For every public lot that’s vacant, I can take you to two privately held lots that are as good or better for housing,” Harris-Dawson said. “We literally have people living in the streets. Maybe after 35 years we intervene and help you find a different investment to make.”
By publishing its study, the Committee for Greater L.A. intends to force public officials to be more transparent, said committee member Sarah Dusseault, a former commissioner of the Los Angeles Homeless Services Authority.
“If you want to keep this surface parking lot as a surface parking lot because it earns $20,000 a year, God bless,” Dusseault said.
“But you should be transparent about that as a policy choice instead of the policy choices being in the dark.”
Here in the United States, as is the case in Europe, the term “global perspective” is often overused. The world has become unbelievably interconnected in many ways but remains largely ethnocentric or egocentric in others. Take the scale of the challenge of complexities that make Russia interesting to architects and urban planners, for instance. While the world seems preoccupied with crises and chaos, everywhere urban culture is evolving. And nowhere is this more evident than inside Russia.
I was just reading this report from Markus Appenzeller, the Head of the Urbanism at the Academie van Bouwkunst Amsterdam, where he delves into the complex nature of opportunities in big Russian cities outside Moscow and St. Petersburg. For most readers, anyplace besides Moscow or St. Petersburg (perhaps) will seem almost as foreign as another planet. And where real estate, design, and planning are concerned, cities like Kazan, Irkutsk, of even Vladivostok might as well be in another galaxy. That said, for the progressive out there a look at the evolutionary changes inside Russia can be a real eye-opener.
A New Cultural Dynamism
Take Ekaterinburg in the Ural Mountains, as an example. Interesting for its post-Soviet era developments, this city on the frontier between Europe and Asia is unbelievable because of the improvisational aspects similar to those in Berlin, Sydney, Rio de Janeiro, and other cities where style/cultural dynamism exists. The city is one of those European architects and planners have identified as having not only fantastic future developmental potential but for already being capable of formulating their demand. Of course, this is the perspective from outside. Inside Russia, since Russian President Vladimir Putin’s economic ideas came into focus, the country’s most brilliant and innovative developers have thrived. Their work is shining and resilient if you look at the Moscow skyline today, at Sochi, in Kazan, and almost every major urban center.
The Appenzeller report for MLA+ also contains an interview conducted with Anton Finogenov, who’s now the First Deputy Chairman of the Committee on Economic Development and Investment Policy of the Leningrad region, brings to light how the World Cup and other events sped the transformation of Russia’s urban landscape. However, underneath these transformative cases, the country’s creative dynamos build out a lasting future. And Ekaterinburg, the capital of the Urals, Russia’s third city, home of Russian constructivism and Russian street art, is a special case. Of all the developing centers, Ekaterinburg has the most eclectic heart. Young people migrate here for the university, to seek careers in big industry, technology, and for the arts, but this crossroads of Asia and Europe was once divided by stark cultural/architectural division.
Enter Brusnika, a real estate developer founded in Tyumen, Siberia back in 2004. The firm that started with a new vision of Russian residential development, has grown to be one of the country’s top 5 biggest real estate development firms, according to Forbes. With offices in Ekaterinburg, Novosibirsk, Tyumen, Surgut, and Moscow, Alexei Krukovsky’s company is one of the most successful developers anywhere in Asia or Europe. I have introduced to Russian architectural advances some years ago as the publisher of Our Russia magazine. A recent inquiry by a friend in Ekaterinburg for a world-class photographer led me to Bruniska, a company I’d heard about in passing some years back.
A highlight reel for this fast-growing Russian firm would surely feature one of Brusnika’s most interesting developmental cooperations, Kandinsky House in the center of Ekaterinburg. The fine outline of the edifice is a symbol of what the new Russia so many geopolitical experts talk about. It’s new-age iconic for a fairly simple reason. Its design represents a paradigm shift toward modernity, while at the same time creating the perfect compromise between Ekaterinburg’s incongruent visual perspectives. Given the city’s remaining specs of pre-Soviet architecture, and the sketchy Communist-era buildings, the tasks Bruniska accomplished was no small feat of improvisational genius.
The Kandinsky project came to fruition as a result of the international cooperation between world-renowned players like AHR Architects (previously part of the Aedas Group), Minotti, Lundwall Architects AB, Greenhance landscaping, and Itatech construction management.
Ad-libbing Meets Excellence
In a report from Elena Trubina of Ural Federal University, she and author Martin Müller encapsulate the essence of what makes Russia’s fourth biggest city so fascinating architecturally and culturally:
“Improvisation arises from the encounter between plan and event. It actualizes the city multiple: the possible other worlds that are immanent in situations and that are always able to dislodge the present one. Situations that people, planners, and politicians anywhere, particularly in Ekaterinburg, are all too familiar with. So there is a richness in improvisation in Ekaterinburg that makes for diversity and nuance in theorizing improvisation.”
Incidentally, what makes Bruniska’s and AHR’s collaboration at Kandinsky House so meaningful is their embracing of Russian urban improv to patch new luxurious lifestyle into such an opposed urban landscape. This is, in fact, the essence of the new Russia so few westerners know about. Since Vladimir Putin assumed leadership in the late 1990s, Russian cities have exploded, not only in size but in style and character. Few outside Eastern Europe are familiar with traditional Russian homeownership, and fewer still realize the Russian Datcha (a second summer home in the countryside) model.
In America, clusters of homes off major highways became the familiar model, but eastern Europeans grew accustomed to residential flats in the cities and dreamed of country homes set in nature. In the cities, micro districts of high rises surrounding public places are still the modus, only the quality of life, and in the inherent design in these spaces has taken off. So, Brusnika’s Kandinsky House on the Iset River in the historic heart of Ekaterinburg is a prime example of extremely high-quality mixed-use high-rise design.
Though the target clientele of this development is higher than normal income resident, Kandinsky House reflects not only new-age Russian commercial design but a mix of European ideas and neo-classical Russian facets. Advanced materials, technologies, and jaw-dropping Spartan aesthetics are melded into a new kind of minimalism. At least this is my perception.
The overall effect of Kandinsky House, and other Bruniska developments, is a subtle enhancement of the surrounding urban landscape. The developers manage this by combining standardization with amazing customization elements.
To learn more about the project, I caught up with the AHR Director Martin Hyams (above), to ask about the architect’s take on Brusnika’s focus with the Kandinsky House project. Here’s what the project’s lead architect has to say:
“Brusnika is a rare client with a visionary leader and a forward-looking professional team that appreciated the added value of international expertise in their projects and how it could positively steer their target real estate markets both in terms of end-user expectation as well as construction.”
Hyams went on to say how the overall human-centered approach the companies initiated ended up with what he called “a number of market-changing developments that enhance individual lives and create thriving communities.”
Reimagined Russian Urbanism
I mentioned my friend and one of America’s best photographers earlier in this story. Well, the best summary I can offer for this story is what came out of Jay Thomas’ (one of my oldest friends) mouth when he arrived back home after the photoshoot. “Phil, I had no idea how majestic and modern these Russian cities were.” A native of the American south, and an artist who’s shot hundreds of locations and brands in America, he’s not one to be so easily impressed.
I mention this to emphasize how brilliant ideas and achievements can be easily lost if we confine ourselves to compartmentalized ideas and ideals. Imagine my friend of 50 years visiting Russia for the first time. This is a guy from a prominent family who graduated high school at 18, took a sabbatical and traveled to Alaska to sign onto a fishing boat, and returned to the lower 48 after a 1,200-mile kayak trip through the wilds – exclaiming Russian achievements. I have other such stories, for those interested.
There’s this Russian saying, I hope I can get it right. Большо́му кораблю́ — большо́е пла́вание, roughly translates to mean: “Remarkable people make a big impact in the world.” This is true whether we see their remarkable accomplishments, or not. And now that I’ve introduced Brusnika’s, Russia’s, and these other companies’ efforts, maybe their progress will come full circle in some future American or European project? At least this is a hopeful possibility during these trying times.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
From the hustle and bustle of Union Square to the peaceful tranquility of small villages like Cold Spring, New York is a great pace to live and work. New York residents have plenty of options when it comes to financial institutions, including some of the best credit unions and community banks in the country. Our goal is to make finding the right bank easier with this list of the best banks and credit unions in New York.
11 Best Banks in New York
New York City is known for Wall Street, but there’s far more to New York than its financial center. No matter where you live in the state, you can choose to go with a credit union, regional bank, local bank, or the biggest bank in the country. Don’t rule out online banks, either, since many have competitive offerings.
Here’s our list of the 11 best banks and credit unions in New York to help you narrow it down to one solid option.
1. New York Community Bank
It may be a New York bank, but New York Community Bank is one of the largest banks in the country. NYCB’s parent company is New York Community Bancorp, Inc., which also owns Flagstar Bank and has branches in New York, New Jersey, Ohio, Florida, and Arizona.
You’ll get access to more than 56,000 ATMs through NYCB’s ATM network, which includes both Allpoint and Presto! machines nationwide. NYCB also offers great rates on CDs. You can get a 6-month CD that earns 4.50% APY or a 12-month CD with a rate of 4.25% APY.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
$1 minimum deposit to open
ATMs:
Fee-free at New York Community Bank ATMs
Fee-free at Allpoint and Presto! ATMs nationwide
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
Up to 4.50% APY on CDs
Additional perks:
2. Chime
Chime is a modern online banking service that features a wide array of benefits, including fee-free overdrafts up to $200, early direct deposit access, and no monthly fees or foreign transaction charges.
With Chime, you can also get a secured credit card to help boost your FICO Score® with no interest or annual fees. In addition, it allows for fee-free transfers and savings growth with an APY of 2.00%.
You also stay informed with daily balance notifications and transaction alerts. Safety is a priority with secure processes in place, FDIC insured funds up to $250,000, and round-the-clock support channels for any assistance required.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum opening deposit required
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 fee for out-of-network ATMs
Interest on balance:
2.00% APY on savings
Additional perks:
Secured credit card helps you build credit with no credit check required
SpotMe covers up to $200 in overdrafts
3. Chase Bank
National banks have plenty to offer, including expanded brick-and-mortar branches and a wide range of banking products. Chase Bank is one of the largest banks in the U.S., with branches and ATMs in 48 states and the District of Columbia.
Currently, Chase is offering a $200 bonus for its Chase Total Checking account. This account comes with a $12 monthly fee, but Chase will waive it if you receive at least $500 monthly in direct deposits, maintain a $1,500 daily balance, or have an average $500 daily balance across all your Chase accounts.
Fees:
$12 monthly fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance requirement
ATMs:
Fee-free at 15,000+ Chase Bank ATMs nationwide
$3-$5 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% on CDs
Additional perks:
$200 bonus for new checking account
Bonus and 1.5% unlimited cash back on credit card
4. NBT Bank
Based in Norwich, New York, NBT Bank has branch locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. You’ll find two checking accounts that don’t charge monthly fees.
Classic Checking includes unlimited check writing and is designed for those who prefer the experience that comes with traditional banks. NBT’s eChecking account has you managing everything. The biggest benefit to eChecking is that your balance earns interest.
Fees:
No monthly fees
$35 overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at NBT Bank ATMs
$1.50 fee for out-of-network ATM withdrawals
Interest on balance:
0.01% APY on eChecking
Up to 0.03% APY on savings
Additional perks:
Competitive rates on loans
Multiple business checking accounts
5. Capital One
One of the top national banks in New York is Capital One, which has branches and cafés across the country. Although there are fewer branches these days, some locations have been turned into cafés with coffee and free Wi-Fi along with banking services. But wherever you are, chances are you’ll find a Capital One ATM. You can withdraw cash at any Capital One, MoneyPass, or Allpoint ATM nationwide.
Fees:
No monthly maintenance fees
No overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at Capital One ATMs
Fee-free at any MoneyPass or Allpoint ATM
$2 fee for out-of-network ATM transactions
Interest on balance:
Up to 4.10% APY on savings
Up to 4.75% APY on CDs
Additional perks:
Cash deposits at any CVS location
Some branch locations have cafés and free Wi-Fi access
6. GO2bank
Online banks like GO2bank have their perks. You’ll often find competitive interest rates and low fees. However, mobile banking does have its limits, and that’s where GO2bank stands out.
You’ll not only be able to withdraw cash at any Allpoint ATM, but you can also deposit cash at more than 90,000 retailers across the country. As long as you’re okay with not having an in-person banking experience, GO2bank could be a solid option.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No opening deposit minimum
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 fee for out-of-network ATM transactions
Interest on balance:
Up to 4.50% APY on savings
Additional perks:
Secured credit card helps you build credit with no credit check required
Deposit cash at 90,000+ retail locations nationwide
7. Santander Bank
Santander Bank is a regional bank with branch locations in New York, Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, Pennsylvania, and Rhode Island. The free checking account option is Simply Right Checking, which waives the $10 monthly fee as long as you have at least one activity on the account each month. This includes any deposit, withdrawal, transfer, or payment posted to the account within each calendar month.
Fees:
$10 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
$25 opening deposit
No minimum daily balance required
ATMs:
Fee-free at 2,000+ Santander Bank ATMs
$3 fee for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 5.50% APY on CDs
Additional perks:
8. HSBC
HSBC isn’t just a national bank. It’s multinational, with locations across the U.S., as well as in Latin America, Europe, Africa, the Middle East, and Asia. This is a bank for high rollers, with a steep fee of $50 monthly if you don’t meet minimum requirements. Those requirements are either a $75,000 balance, monthly direct deposits of at least $5,000, or a residential mortgage loan of at least $500,000.
If you travel internationally, though, HSBC is worth considering since you can use your debit card at any ATM worldwide with no fees. HSBC also rebates up to five U.S. third-party ATM fees each month.
Fees:
$50 monthly fee (waived with requirements)
No overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required ($5 to earn interest)
ATMs:
Fee-free at 55,000+ Allpoint ATMs nationwide
No fees for out-of-network ATM transactions
Up to five third-party U.S.-based ATM fees rebated monthly
Interest on balance:
0.01% APY on checking
Up to 4.15% APY on savings account
Up to 4.50% APY on CDs
Additional perks:
Unlimited rewards credit cards available
In-app support for international transactions
9. Corning Credit Union
Corning Credit Union membership is open to anyone who lives, works, worships, or attends school in Chemung County or Corning, New York. Membership is also open to residents of select areas in North Carolina, Pennsylvania, and South Carolina. The best thing about Corning Credit union is that its basic checking account earns 3.00% APY.
Fees:
No monthly fee
$32 overdraft fee
Balance requirements:
No minimum daily balance required
ATMs:
Fee-free at Corning Credit Union ATMs
$1 fee for out-of-network ATMs (waived for first four each month)
Interest on balance:
Up to 3.00% APY on checking
Up to 1.00% APY on savings
Up to 4.60% APY on share certificates
Additional perks:
Competitive rates on loans
Wide range of rewards-earning credit cards available
10. Dime Community Bank
If you run a business in the New York City or Long Island area, Dime Community Bank has plenty to offer. Dime’s business checking accounts come with a $12 monthly fee for up to 250 items, but Dime will waive it as long as you have an average daily balance of $10,000 each month.
Small business owners might find this on the high side, but if you have more than 250 items each month, that fee goes up to $25 with a balance requirement of $20,000 to waive it. But if you can meet the minimums, or you don’t mind the fee, you might like the extra services offered to members.
Fees:
$12 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
No minimum opening deposit required
ATMs:
Fee-free at Dime Community Bank ATMs
$1.50 fee for out-of-network ATMs
Interest on balance:
Rates not publicly disclosed
Additional perks:
Wide range of loans that serve small businesses
Access to legal, real estate, and accounting services
11. TD Bank
TD Bank is a national bank with hundreds of branches across New York. Although TD’s checking account comes with a $4.95 monthly fee, everything else is free, including overdrafts. One of this bank’s standout features, though, is its CD rates. Currently, you’ll get 5.00% APY on a six-month CD, with the option to bump up the rate if the market changes.
Fees:
$4.95 monthly fee
No overdraft fees
Balance requirements:
No minimum opening deposit required
No minimum daily balance required
ATMs:
Fee-free at 2,600+ TD Bank ATMs nationwide
$3 fee for out-of-network ATMs
Interest on balance:
Up to 3.51% APY on savings account
Up to 5.00% APY on CDs
Additional perks:
Live 24/7 customer service available online
Same-day replacement for lost debit card
Methodology
If you live in New York, chances are you know there’s no shortage of options. But we strove to create a list that brings together a little of everything. Not every customer wants the biggest bank, but plenty of customers would rather have a larger bank with a robust set of features. We combined small, local banks, credit unions, and large, corporate banks to ensure you can find the best bank for you.
Of course, it’s vital to make sure you’re going with a secure bank. We narrowed our list to those banks that had solid reputations and a history of serving New York residents. Beyond that, we made sure each bank offers savings accounts as well as checking, and we included a few that have features that would appeal to small business owners.
When you’re ready to open a bank account, it’s important to compare banks to make sure you’re getting the best rates. Many banks and credit unions can offer a great banking app and chat support, but you might prefer the personal touch you get with a local bank. Whatever your choice, pay close attention to fees and interest rates to ensure you’re getting the best deal for parking your money.
BlackRock, one of the world’s largest financial firms, says three key moves can sharply boost retirement income. Most people focus on building up their savings when they make retirement plans. However, by also focusing on the drawdown phase, the duration of the nest egg that you have accumulated can be significantly extended, BlackRock says in a recent report.
Consider working with a financial advisor as you develop a long-term retirement plan for yourself.
Add Guaranteed Lifetime Income via an Annuity
Annuities have become a hot topic in recent years, as financial professionals have increasingly debated their pros and cons. On the upside, they hedge against longevity risk. A lifetime annuity can guarantee, aside from catastrophic failure on the part of the insurance company, that you will receive a minimum income for life. On the downside, annuities can sometimes post weaker growth than even the standard S&P 500 index fund.
BlackRock argues that the benefit of hedging against longevity risk, though, is quite powerful. By putting up to 30% of your portfolio savings into a retirement annuity, you can create a strong base for the future of your retirement income. Alongside Social Security, this gives you an income that never draws down and will not fade.
Shift to an Aggressive Asset Allocation
There’s a catch to an annuity plan, though. Perhaps the biggest risk with annuities, as noted, is their low rate of return. In fact, Fidelity says that in recent years annuities often return one-eighth the amount of a simple S&P 500 index fund. That’s a recipe for low, slow growth.
So, BlackRock suggests balancing your annuity investments with a more aggressive market portfolio. In other words, leverage the security that you have with your annuity to rebalance your portfolio toward higher-return assets like stocks, if even just a stock market index fund, like the S&P.
By doing this, you’re more protected against loss by the guaranteed income of the annuity, while also boosting your overall spending power in retirement with the projected growth of the equities. This lets you retain a strong equity portfolio later in life, when many investors would otherwise start shifting their investments in favor of more stable, fixed-income assets, like bonds or CDs.
“Adding guaranteed lifetime income combined with a more aggressive asset allocation generates 29% more annual spending ability from one’s retirement savings (excluding Social Security) and reduces downside risk by 33%,” BlackRock states in the report.
Retire (and Take Benefits) Later in Life
Finally, BlackRock recommends delaying retirement by two years. The firm suggests delaying retirement, along with Social Security benefits and annuity payouts, from age 65 until age 67. This is not, however, a delayed retirement. For anyone born after the year 1960, the goalposts have been moved back and full retirement age is set at 67.
The firm’s basic analysis still stands though. As the firm writes, “[a]mong all retirement decisions, the choice of when to retire and claim Social Security often has the single greatest impact on one’s financial security.”
Putting this off even by just two years can significantly boost your Social Security benefits. It will also give your annuities time to continue growing, making their lifetime benefits stronger, while allowing your portfolio to accumulate extra years of high-value growth as well.
BlackRock finds that pushing back retirement by two years can boost a retiree’s lifetime spending power by 16% and reduce downside risk by an additional 15%. In combination with the 29% retirement increase gained by getting an annuity and having an aggressive, stock market-based asset allocation, retirees can sharply extend the duration of their retirement income.
Bottom Line
For many investors, the good news here is that BlackRock probably recommends a version of what you are already pursuing: diversification. This approach suggests that you should balance high-security assets, in the form of lifetime annuities, against high-return assets, such as stocks. It recommends delaying retirement as a way of boosting your lifetime Social Security benefits and maximizing your late-in-life portfolio returns. For the average investor and saver, this is all very doable.
Retirement Savings Tips
A financial advisor can help you build a comprehensive retirement plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Longevity risk is the possibility that you will live too long, and that’s a perverse way of looking at life. So start making plans right now to celebrate your hundredth birthday in style.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.